The government expects gross domestic product to expand 0.5%-2.5% this year after growing 0.7% in 2019. Find out more about top cryptocurrencies to trade and how to get started. Share page. Right now, investors are in love with risk and think that there's no way prices are coming down, so they're … --- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com, To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter. CHF: -0.57% Losses can exceed deposits. This leaves the Singapore Dollar vulnerable to a trade deal delay. Many say the dollar won't collapse for four reasons. FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). Note: Low and High figures are for the trading day. Why the Dollar Won't Collapse . close. The MAS typically conducts these semiannually, one in April and another in October. By continuing to use this website, you agree to our use of cookies.You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. “The hit to the economy, both from tourism and supply-chain impact from China, has obviously opened the door to easing,” said Mitul Kotecha, senior EM strategist at TD Securities in Singapore. Actual: 0.6 $EURUSD has started to test this trendline, so far it's been able to hold bulls at bay. If this area holds, it could stem the pair’s ascent, but fundamental factors may overpower these technical obstacles. Registered Address: 32 Old Slip, Suite 803; New York, NY 10005. We use a range of cookies to give you the best possible browsing experience. First, it's backed by the U.S. government. Check your email for further instructions. The Singapore Dollar sinks against the US Dollar, causing USD/SGD to soar to an early October high. By 2050, it's estimated that half the population will be 65 and older. But for now, it’s “communicating to the market that there’s already a little bit of ability for the exchange rate to absorb some of the shock without a policy change today.”, MAS says ‘sufficient room’ for easing in currency band, Central bank remains on track to review policy in April. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. The US dollar, long a symbol of American economic might, has fallen steadily this year. No entries matching your query were found. The U.S. dollar is looking shaky. In the near-term, there may be upside potential for USD/SGD if coronavirus fears continue damping sentiment and the MSCI Emerging Markets Index (EEM). NZD: -0.11% Eyes on Fed Chair Jerome Powell for Next Moves, Dollar, USD/CAD, GBP/USD, Gold, Crude Oil & Bitcoin Technical Levels. Singapore’s central bank said there’s room within its exchange-rate band to accommodate some weakness in the currency to counter the coronavirus outbreak. The assessment from MAS comes as traders are ratcheting up bets for Asian central banks to loosen policy to contend with the spread of a virus that has claimed almost 500 lives in China. Singapore dollar falls after currency easing seen amid coronavirus outbreak. Have a confidential tip for our reporters? Barring some sort of currency meltdown, a weaker dollar should be a positive for equities, though foreign stocks will likely benefit more, analysts said. A fall in the value of the US dollar could contribute to inflationary pressures. The MAS controls inflation by managing the exchange-rate: a stronger Singapore dollar lowers the cost of imported goods and vice versa. Why is the US dollar falling? There are four big reasons why the Australian dollar has been falling, with plenty of indications that the decline isn’t over yet. It is not nice to cherry pick merely a few examples. Over the last five trading days, the dollar has lost almost .75%. Previous: 0.6% Singapore’s central bank said there’s room within its exchange-rate band to accommodate some weakness in the currency to counter the coronavirus outbreak. About sharing. Inflation. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Singapore dollar powers to six-month high on fiscal stimulus [SINGAPORE] Singapore's large pool of fiscal reserves is proving to be a boon for the nation's currency. Registered Address: 32 Old Slip, Suite 803; New York, NY 10005. Why the Stock Is Falling. Our guide explores the most traded commodities worldwide and how to start trading them. Now the Singapore Dollar is eyeing the key psychological barrier above which is a range between 1.3849 to 1.3879. The next are of resistance sits above between 1.3906 to 1.3942. The central bank guides the local dollar against a basket of currencies, adjusting the pace of appreciation or depreciation by changing the slope, width and center of a currency band. Yes, in Singapore: QuickTake. The currency, which is maintained in a band against a basket of peers, has been fluctuating near the upper end of its boundary since October and could track lower, the Monetary Authority of Singapore said in a statement Wednesday. https://t.co/8SFBJxNZrA, $EURUSD rose to an intraday high around 1.2180 earlier today, hitting a high for the month of February. The island city-state is also heavily dependent on external balances and thus vulnerable to swings in global growth prospects. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/A0xIhXgNls, Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: “The more the dollar-RMB pushes above 7, the more people will think the MAS is going to do something,” said Shaun Roache, Asia-Pacific chief economist at S&P. SGD does tend to closely follow the EEM’s trajectory. ... – Why the Dollar is Falling – Warren Buffett Cautions Against Buying Long Term USD Bonds. Published 11 August 2017. Expected: 0.6% SGD 3.99 Buy now The third reason is that most international contracts are priced in dollars. AUD: -0.24% EURUSD and S&P 500 React Differently to a Return of Taper Tantrum Fears, EUR/USD Outlook: US Dollar Eyes Fed Chair Powell, Stimulus, Copper, Crude Oil Prices Surge. Here are some charts of the Singapore Dollar (SGD) versus other currencies over the last 12 years. The local dollar slid to a four-month low as traders boosted bets for an easing. Receive the best-curated content by our editors for the week ahead. https://www.dailyfx.com/economic-calendar#2021-02-23, *Reminder: Mid-week Market Check Up Webinar tomorrow at 14:30GMT! Actual: 0.6% This update comes “in line with weakening of economic conditions” following the outbreak of the coronavirus in China. The disease has added to worries about the outlook, with 24 confirmed cases to date. Even before the outbreak spread, the city state was already planning measures to prop up an economy reeling from the effects of the U.S.-China trade war. CAD: 0.01% A Central Bank With No Key Rate? If this area holds, it could stem the pair’s ascent, but fundamental factors may overpower these technical obstacles. The USD/SGD may rise despite a rebound in Singapore GDP as the focus remains on US-China trade war fears. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. That's likely to remain the case until the fall becomes a crash, which I don't think will begin until the Dollar Index breaks 80. At its current rate of decline that level could be breached before year end, perhaps by election day. The monetary authority conducts policy by managing exchange rates instead of benchmark borrowing costs. We are inherently prone to fluctuations - quarterly GDP, exchange rate, imports and exports. Singapore Dollar - data, forecasts, historical chart - was last updated on February of 2021. To contact Daniel, use the comments section below or, Where Next for Nasdaq, Bitcoin, Other Assets? The other answers by Jiaqi Tan and Ren Yu Ku come close, but don't really hit the mark. Two Conditions That Could Lead to a Collapse Copy link. This was replaced by the Malayan dollar, and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo. Fri, Feb 14th 2020. Analysing the movement of the exchange rate over the last 10 years, there was a substantial dip in the exchange rate in 2008/2009 following the global financial crisis and then the rate recovered to a high of $1.35 SGD in 2012 and has seen a period of decline since then before flattening out in recent years. The dollar can fall because (1) investors are putting cash into equities and lowering their cash allocation or (2) because of inflationary expectations. Australia & New Zealand Banking Group Ltd. estimates the most heavily weighted are the U.S. dollar, ringgit, yuan, euro and yen. The Singapore dollar dropped as much as 0.9% to S$1.3824 against the greenback, the lowest since Oct. 10. FX Publications Inc is a subsidiary of IG US Holdings, Inc (a company registered in Delaware under number 4456365). Second, it's the universal medium of exchange. Find out more about the major currency pairs and what impacts price movements. SINGAPORE DOLLAR News - Find latest News & top stories about SINGAPORE DOLLAR. Before it's here, it's on the Bloomberg Terminal. It maintained its policy outlook and said it’ll meet in April, as scheduled. In the US, inflation numbers were a bit lower than expected, and the US dollar’s response was muted. The Monetary Authority of Singapore reiterated that its next policy review remains in April. Get top insights on the most traded stock indices and what moves indices markets. Expected: 0.6% The local dollar slid to a … Now the Singapore Dollar is eyeing the key psychological barrier above which is a range between 1.3849 to 1.3879. For much of the 2010s the currency has benefited from an interest-rate differential, but that is … This will drive the value of the dollar down to near zero. Recommended by Daniel Dubrovsky, Recommended by Daniel Dubrovsky. Dow Jones Steady amid Tech Rout, Will ASX 200, Hang Seng Follow? Singapore is growing old, fast. Between 1845 and 1939, Singapore used the Straits dollar. At its last review in October, the MAS eased policy for the first time since 2016 and signaled it was ready to make further adjustments amid rising risks to the growth outlook. Download your free guide here.https://t.co/pb5E2KgRzW The risk is that the Wuhan virus leads to a slowdown in the world’s second-largest economy which is also one of Singapore’s top trading partners. By default, that puts even more pressure on the falling dollar as the escape valve from America’s rapidly deteriorating macroeconomic imbalances. It would make hyperinflation look like a day in the park. Previous: 0.6% The MAS said that while their policy stance is unchanged, there is sufficient room within their band to accommodate easing. . “The dollar is going to fall very, very sharply,” he told the business network. The risk is that the Wuhan virus leads to a slowdown in the. Share. which is also one of Singapore’s top trading partners. — Peter Schiff (@PeterSchiff) July 31, 2020 It was the worst-performing currency in Asia on Wednesday. $EUR $USD https://t.co/yucSA0bvkn, Make smart trading decisions with your free guide to trade the news. Concurrently the U.S. dollar has declined in value for the last six consecutive days. The Singapore dollar is expected to fall further against the greenback, said most experts, even as the US Federal Reserve indicated yesterday that it could soon cut interest rates. It doesn’t disclose details on the basket and how it works. https://www.dailyfx.com/economic-calendar#2021-02-23, Interest Rate Decision Previous: 1% The Singapore Dollar is expected to trade at 1.33 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. JPY: -0.31% There is another reason to think the dollar is heading down in the longer term, says Buttonwood. Get more information about SINGAPORE DOLLAR at straitstimes.com. Perhaps look at other currencies as well. It fell from 92.95 a week ago on Thursday, November 12, and is currently fixed at 92.225. #DailyFXGuides https://t.co/va2suS9hgp, IG Client Sentiment Update: Our data shows the vast majority of traders in Ethereum are long at 88.79%, while traders in Wall Street are at opposite extremes with 74.52%. SGD does tend to closely follow the EEM’s trajectory, As expected, USD/SGD has been aiming higher after the currency pair took out. Forex trading involves risk. Some level of fluctuations in the dollar's value is normal, and it's not always an immediate cause for alarm. Sign up now to get the information you need! What Do Other Traders Buy/Sell Bets Say About Price Trends? The MAS typically conducts these semiannually, one in April and another in October. The Singapore dollar continues to decline as economic activity, inflation, and business confidence all fell the last few months. “There is sufficient room within the policy band to accommodate an easing of the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) in line with the weakening of economic conditions” due to the virus outbreak, the MAS said in a statement. – Market Sentiment Webinar, South African Rand Outlook: Unemployment Rises Ahead of Budget Speech, FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). https://www.dailyfx.com/economic-calendar#2021-02-23, Singapore Dollar sinks, MAS hints dovish tilt on coronavirus concerns, The Singapore Dollar sinks against the US Dollar, causing, . Bitcoin Declines After Musk Hints That Prices Are Excessive, Pfizer-BioNTech Shot Stops Covid Spread, Israeli Study Shows, Facebook Ends Australia News Blackout After Law Compromise, Lucid Motors Is Said to Near Deal to List Via Klein’s SPAC, Elon Musk’s Bitcoin Tweet Hurts Tesla’s Own Bet in Currency. According to foreign exchange strategists, the Singapore dollar should remain "well isolated" from the heavy selling plaguing countries with external deficits such … That makes it the premier global currency. 3. The collapse of the dollar means that everyone is trying to sell their dollar-denominated assets, and no one wants to buy them. The Monetary Authority of Singapore reiterated that its next policy review remains in April. GBP: 0.04% The falling dollar will make the goods and services of some companies more competitive on the global market. Unemployment claims rose for the first time in four weeks, rising from 779 thousand to 793 thousand. Previous: 0.6% This is for a … The Singapore Dollar fell against the US Dollar as USD/SGD rose after the MAS hinted a more-dovish tilt on concerns that the coronavirus could dent local growth as China’s economy slows. Singapore dollar likely to weaken against the US dollar in the 1.42-1.45 range for the rest of the year: Economist ... Euro rebounds as US stocks fall, growth concerns remain. The yuan’s movements will be a focal point for Singapore dollar investors, with China’s currency expected to come under more pressure from the virus-induced fallout, according to S&P Global Ratings. Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages. And just since January 1st of 2009 it is up 19%. The Singapore dollar “has reacted negatively, extending its recent decline, and will likely remain under pressure as markets increasingly price in easing.”. It's increasingly becoming … In the near-term, there may be upside potential for USD/SGD if coronavirus fears continue damping sentiment and the MSCI Emerging Markets Index (EEM). There is some broad-based weakness taking hold. Markets Week Ahead: Dow Jones, US Dollar, Crude Oil, Fed, Treasuries, NZD/USD, RBNZ, British Pound Forecast: Reopening Plan Capping EUR/GBP, Buoying GBP/USD, US Dollar Forecast: Back to the Year-Long Downtrend - Levels for DXY Index, USD/JPY, Heads Up: House Price Index MoM (DEC) due at 14:00 GMT (15min) Headline inflation dipped from 0.4% to 0.3%, while Core CPI fell from 0.2% to 0.0%. The falls to below the US69c mark are fantastic news for Australian exporters but not so good for overseas holidaymakers and for … The island city-state is also heavily dependent on external balances and thus vulnerable to swings in global growth prospects. Singapore is a tiny country, but it's managed to become an Asian economic hub. That's thanks to its sophisticated financial markets. Singapore’s trade-reliant economy could prove to be especially vulnerable if the disease disrupts supply chains and saps demand for everything from travel to commodities and investment. S&P 500 Breaks Down Support, Will Fed's Powell Address Bond Sell Off? Overseas Stock & Bond Mutual Funds “If you’ve got an inclination the dollar is going to drop over the long term, you should invest in foreign assets”, says Clint Edgington, President of Beacon Hill Investment Advisory, a fee-only investment advisory firm in Columbus, Ohio. The next are of resistance sits above between 1.3906 to 1.3942. FX Publications Inc is a subsidiary of IG US Holdings, Inc (a company registered in Delaware under number 4456365). View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XI651TYq5I, should be an interesting day for the $Euro This followed more-dovish commentary from the Monetary Authority of Singapore (MAS). Finance Minister Heng Swee Keat is expected to deliver a supportive budget on Feb. 18. No one seems worried about the falling dollar. Bitcoin (BTC/USD), Ethereum (ETH/USD) Crushed as Cryptocurrency Market is Overrun by Sellers, FTSE 100, FTSE 250 Outlook Improves After UK Unemployment Data and Roadmap, DAX 30, CAC 40 Technical Analysis: On Diverging Paths, Swiss Franc Technical Outlook: GBP/CHF, AUD/CHF, EUR/CHF Chart Levels, Gold, Silver Forecast: Powell's Testimony to Underpin XAG/USD, XAU/USD. Dollar General reported better-than-expected fiscal third-quarter earnings, but that didn’t prop up the stock, as investors debate how it will perform post-pandemic. Expected: 0.6% By pressing 'Subscribe' you consent to receive newsletters which may contain promotional content. Historically, the Singapore Dollar reached an all time high of 2.31 in September of 1985. The monetary authority conducts policy by, This update comes “in line with weakening of economic conditions” following the outbreak of the coronavirus in China. USD/JPY is at a six-day low as the pressure on the US dollar mounts. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. But, shorter-term, there's support showing around the bottom of this zone, indicating that bulls may put in continued challenge at this tl https://t.co/LR0DtpAq5h https://t.co/k3Yyd4C7M9, Interest Rate Decision https://www.dailyfx.com/economic-calendar#2021-02-23, Heads Up: Interest Rate Decision due at 13:00 GMT (15min) As expected, USD/SGD has been aiming higher after the currency pair took out falling resistance from late September. 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